M/s. Mawana Sugars Ltd., New Delhi V. DCIT, New Delhi

ITA 1244/DEL/2014

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 4015 (ITAT-DELHI)
• Duration Of Justice: 9 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-01-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 21-01-2024
• Assessment Year: 2004-2005
• Appeal Filed On: 04-03-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Revised return

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA No. 1244/DEL/2014 [A.Y. 2004-05] Mawana Sugars Ltd Vs. The Dy. C.I.T. [Formerly M/s SIEL Limited LTU New Delhi 5 th Floor, Kirti Mahal Rajendra Place, New Delhi PAN – AAACS 4902 Q (Applicant) (Respondent) Assessee By : Shri Tarandeep Singh, Adv Department By : Shri Subhra Jyoti Chakraborty, CIT-DR Date of Hearing : 22.01.2024 Date of Pronouncement : 31.01.2024 ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the ld. CIT(A), LTU New Delhi dated 26.12.2013 pertaining to A.Y. 2004-05. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in upholding the claim of rejection of long term capital loss of Rs. 132,48,60,804/- on transfer of land to Delhi Development Authority. 2 3. Facts on record show that the assessee claimed this loss by way of revised return in which it stated that this loss on surrender of land to DDA was claimed in A.Y 2001-02 wherein the claim has been disallowed and without prejudice to the claim in A.Y 2001-02, claim is made in A.Y 2004-05 as an abundant precaution. 4. The assessee explained the underlying facts which gave rise to the claim of loss. Since the claim of loss pertains to A.Y 2001-02, the same shall be considered in that A.Y and, therefore we do not find any fault in disallowing the claim in the year under consideration. 5. In the result, the appeal of the assessee in ITA No. 1244/DEL/2014 is dismissed. The order is pronounced in the open court on 31.01.2024. Sd/- Sd/- [SAKTIJIT DEY] [N.K. BILLAIYA] VICE PRESIDENT ACCOUNTANT MEMBER Dated: 31 st JANUARY, 2024. VL/ 3 Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asst. Registrar, ITAT, New Delhi Date of dictation Date on which the typed draft is placed before the dictating Member Date on which the typed draft is placed before the Other Member Date on which the approved draft comes to the Sr.PS/PS Date on which the fair order is placed before the Dictating Member for pronouncement Date on which the fair order comes back to the Sr.PS/PS Date on which the final order is uploaded on the website of ITAT Date on which the file goes to the Bench Clerk Date on which the file goes to the Head Clerk The date on which the file goes to the Assistant Registrar for signature on the order Date of dispatch of the Order